September's Indexes Show Modest Growth in
Region

The Federal Reserve Bank of Philadelphia today
released its monthly leading and economic activity indexes for Delaware, New
Jersey, and Pennsylvania.

Philadelphia Federal Reserve Vice President and
Economist Ted Crone summarized the information from the indexes:

"The September readings of the economic activity
indexes for the tri-state region show continued modest growth. The indexes of
current activity were up slightly in Pennsylvania and New Jersey, and the
current index for Delaware was unchanged. The leading indexes for all three
states were positive, although Delaware's leading index was relatively
weak."

The indexes, compiled by the Bank since 1994,
present comprehensive measures of the economies of Delaware, New Jersey, and
Pennsylvania. The economic activity index is a composite indicator based on
nonfarm payroll employment, unemployment rate, average hours worked in
manufacturing, and real wage and salary disbursements. The leading index, which
is a forecast of the growth of the economic activity index, is based on the
recent pattern of the activity index, as well as traditional leading
indicators, including housing permits, interest rates, delivery times, and
initial unemployment claims.

The economic activity index is an indicator of the
current economic climate, and the leading index forecasts the growth rate of
the activity indexes nine months into the future.

To arrange an interview, contact Kathy Woodbury, the
Bank's assistant media representative, at (215) 574-4119. October's indexes are
due to be released in late November and will be made available on this web
site.

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